Lessons from Building Ruby on Rails, Basecamp, and Why Bitcoin Is a Ponzi Scheme with David Heinemeier Hansson

byKyle Waalen

David Heinemeier Hansson is the creator of Ruby on Rails, founder and CTO at Basecamp, a best-selling author, a Le Mans class-winning racing driver, a public speaker, a hobbyist photographer, and a family man. Being a dynamic entrepreneur with many talents, he has a lot of great experience and insights.

Listen in to learn some valuable lessons to enhance your entrepreneurial journey.

Lessons from Building Ruby on Rails, Basecamp, and Why Bitcoin Is a Ponzi Scheme with David Heinemeier Hansson

Time stamped show notes:

[00:20] David is the creator and founder of Basecamp and the creator of Ruby on Rails.

[1:42] When he started Basecamp, he was the sole developer.

[6:35] Leadership failures and things learned along the way

[10:45] They built the software (Basecamp) for themselves and realized that it would solve the problem for other people in the industry, and they sold it to them.

[12:40] When they launched, they didn’t have a billing system. They got it out and built the billing system in 27 days (they gave 30 day trials, so 3 days before the first customers were supposed to pay).

[17:03] What he thinks of the Open Movement now

[18:38] He never thought of releasing Ruby on Rails as a paid software. | Infrastructure software is supposed to be free.

[23:26] Show up, do the work, and do the work you’re interested in doing.

[24:50] When you apply to Basecamp, send a cover letter; if you don’t, your resume goes straight to the dumpster.

[28:00] At Basecamp, they want to see actual work, representative work of what someone would be doing if they hired them.

[28:18] They hire a lot of Junior Developers because they are a lot more open.

[30:10] He admires or models after in the industry: MailChimp and Shopify

[34:22] The only industry Bitcoin has disrupted is the ponzi scheme industry.

[40:50] Questions why people want a currency so detached from the real world.

[41:12] People who use Bitcoin want the untraceability and the irreversibility.

[42:31] Untraceability and irreversibility would only work in societies like North Korea or Venezuela, not in countries like the U.S.

[43:21] He believes that the government shouldn’t have the key to open encryptions for things like Whatsapp. | We need privacy for the exchange of communication and information, and it's the same way when it comes to currency.

[46:20] The sort of returns of Bitcoin are only available in unsavory ventures.

[48:33] Growth without contribution is the motto of cancer.

[51:32] Don’t look for the silver bullet. | Don’t look for the one thing you wanted to do different. | Don’t look for the regret. | Love your fate. | Figure out how to fall in love with the things you have and the path you’re on. | Don’t look back at things with regret.

Three key points:

Show up, do the work, and do the work you’re interested in doing.

Growth without contribution is the motto of cancer.

Don’t look for the silver bullet. | Don’t look for the one thing you wanted to do different. | Don’t look for the regret. | Love your fate. | Figure out how to fall in love with the things you have and the path you’re on. | Don’t look back at things with regret.

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